How to submit for bankruptcy

The procedure for making bankruptcy is a very laborious and long process. Only for the collection of documents on all instances requires no little time. Bankruptcy is one of the measures that provides the "Law on Insolvency". The law provides for events that will help debtors and creditors to understand the current situation with the letter of the law. At the same time, it is not necessary to resort to extreme measures and avoid unnecessary court proceedings and litigation. The legal mechanisms of the Russian Federation are improved, in connection with which the regulation of the process is constantly updated. Consider the main mechanisms for which it is necessary to rely on the declaration of bankrupt individuals and legal entities.

The application for adoption of bankruptcy can be submitted both on behalf of the debtor who intends to confirm its insolvency and on behalf of the lender. A citizen, a legal entity or an authorized representative must arrange a written application and transfer it to the arbitration court. The subject is obliged to personally sign the document. There is also a practice when the document is signed by the authorized representative. In this case, the document is certified by a notary necessarily. Copies of the completed statement are important to send to all participants in the process and state authorized authorities. The sample of bankruptcy statement looks like this:

"The Law on Insolvency", which was adopted by the Federal Assembly in the distant 2002. Due to the fact that in 2014 amendment was amended, which allowed individuals to join bankruptcy, the list was supplemented. Article 38 "Federal Law on Insolvency (Bankruptcy)" accurately indicates the necessary list of securities and a list of instances to which you will need to appeal. However, the list of required documents may differ depending on the current situation. Help the consultation of a lawyer will help to understand this issue. Today, this consultation can be obtained for free, even on Internet resources. Below is the entire list of papers, which will be required when contacting the Arbitration Court:

As soon as the Arbitration Court decides to begin observation of an insolvent person, the period of consideration of the case comes. It can last up to 7 months. In addition to repayment of debt and state duty, there are other spending. Sometimes you have to resort to the help of the temporary manager. The cost of services can be varied. The fee is determined by the parties at the initial stage of joining bankruptcy. The amount of remuneration depends on a number of factors, including from the percentage of book value.

Measures to accept insolvency are designed to soften the punishment and give the opportunity to solve problems. However, avoiding the red tape and bureaucratic routine will not work, no matter how try. In each case, an individual approach is required and subjective assessment of the necessary measures. The economic situation is constantly changing, and the law, in turn, is trying to respond all the new challenges of the market.